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Epicure Qatar Equity Opportunities plc

Investment Objective

Epicure Qatar Equity Opportunities plc ("the Company" or "EQEO") was established to capitalise on attractive investment opportunities in Qatar and the Gulf Cooperation Council ("GCC") region, resulting from the economic boom being experienced in the area. The Company seeks to invest in quoted Qatari equities listed on the Qatar Exchange (formerly the Doha Securities Market ("DSM") in addition to companies soon to be listed, with a possible allocation of up to 15 per cent in other regional GCC listed companies. The Investment Adviser invests using a top-down screening process along with fundamental industry and company analysis.

Market Update

The second quarter of 2010 was a poor one for the GCC regional markets, with equity markets declining sharply on the back of increasing concerns over the Eurozone crisis. The downturn came in a series of sharp declines, fueled by investors' fears over the medium and long term impact of the crisis on the region.

After returning 7.2 per cent in Q1 2010, the Qatar Exchange lost 7.5 per cent in Q2 2010. The Qatar Exchange was the best performing GCC market in the second quarter with other Gulf stock markets all ending the quarter in negative territory, Dubai being the worst having fallen 20.7 per cent.

Abu Dhabi and Kuwait fell 13.6 and 13.1 per cent respectively, while the Saudi market, the best performer in the first quarter, lost 10.4 per cent.

While the Investment Adviser believes that Qatar will continue to demonstrate strong economic growth over the coming quarters, stock market performance will depend on an improvement in both investor sentiment and liquidity. It is anticipated that the forthcoming second quarter 2010 Qatari company results will have a positive impact on the outlook for the bourse.

Macro Update

Qatar headline GDP surges 22 per cent year on year in Q1 2010

Qatari GDP expanded by 22 per cent year on year ("yoy") in Q1 2010, driven by a 63 per cent expansion in the value of its oil and gas sector. The scale of the gain reflects a positive base effect (average oil prices rose by more than US$35 per bbl between Q1 2009 and Q1 2010) but, nevertheless, lifts annualised per capita GDP to US$65,000, consolidating Qatar's position as one of the world's wealthiest economies.

The domestic economy, however, continues to lag the oil sector as expected. Year on year, the non-oil sector contracted by just under 4 per cent in Q1 2010 and while there was some growth quarter-on-quarter ("qoq"), at less than 3 per cent this remained modest. The value of construction sector activity fell for the fourth consecutive quarter to stand down 20 per cent yoy. Manufacturing, transport and trade services fared better, but financial and government services all recorded declines. GDP data is presented only on a nominal basis and CPI data showing negative price growth suggests that real levels of non-oil growth may have been stronger than stated.

The non-oil economy decline came partly as a result of a draw-down from built inventories and partly from the continued difficulties faced by the real estate sector. The lag in the local economy can further be attributed to the sudden halt in the awards of new projects coupled with selective availability of credit from banks for the private/retail sector. Going forward, however, non-oil GDP should start showing momentum on the back of increased state spending on the local economy, as evidenced from the growth in Q1 2010.

The Qatari government's expansionary spending on infrastructure projects is still expected to boost both the construction sector and overall economic activity in Qatar, with a number of infrastructure projects expected to be initiated in coming months. The Public Works Authority of Qatar (Ashghal) recently announced plans to implement infrastructure projects worth US$20bn in the country over the next five years. More interestingly, Ashghal announced that local companies are able to compete for 30 per cent of the value of these projects.

Elsewhere, government service spending, including healthcare and education, is likely to expand by close to 20 per cent in 2010 given that the 2010-11 budget forecasts a spending increase of almost 25 per cent. Some 15 per cent of the US$32bn budget is allocated to education and 7 per cent to healthcare.

The Investment Adviser remains optimistic that the non-oil economy will return to growth. The 2010-11 budgets are highly expansionary and signal a fresh commitment to the infrastructure projects that appeared to lose momentum last year. While banking sector data shows that lending to the private sector is still weak, there has been a marked pick-up in credit issuance to state entities. The Investment Adviser views this as a good early sign of stronger activity to come in the state-dominated economy and will look for more robust non-oil growth in the second half of the year and into 2011. The Investment Adviser continues to believe that following the completion of key projects in the gas sector in 2010, the economy will benefit from a slew of diversification-driven infrastructure spending programmes that will support growth over the next few years.

Economy weathering the global downturn well

Overall, Qatar's economy continues to weather the global downturn well, and should stand among the fastest growing economies worldwide in 2010. Real GDP is expected to expand by 13 per cent, thanks to ongoing investment in the liquefied natural gas (LNG) industry, which will raise production to 77.4 million tons per year by 2012 (from 31.0 million tons in 2008) and boost export receipts. This strong growth will have favorable repercussions on Qatar's fiscal and external accounts.

The stress on the real estate and stock markets has prompted the government and the central bank to step in to shield the banking sector from potential losses arising from its exposure to these markets. The Investment Adviser believes that the Qatari government is both able and willing to increase spending and the banks have the resources to increase their activity as risk appetite improves.

Attractive Valuations

The Investment Adviser believes that the Qatari stock market is undervalued and that the recent downturn provides highly attractive opportunities.

After a relatively strong period in the first quarter, all regional equities finally succumbed to global pressures and fell from recent highs, in-line with most global markets. The Investment Adviser believes the 'off-benchmark' nature of the GCC region and its relatively higher level of retail participation has meant that markets have eventually responded to global risk aversion rather than improving fundamentals and visibility.

The Investment Adviser expects that during the summer months, similar to previous years, market trading volumes will be thin, as already witnessed in June. We remain optimistic, however, that liquidity in the Qatari market will improve later in the year and that this in turn will generate new enthusiasm from investors. Our optimism is based firstly on the announcement of the newly created QE Index which, unlike its predecessor the DSM20 index, accounts for each stock's tradable free float and average daily trading, thus providing a more accurate benchmark. Secondly, we believe that as banks restart their brokerage operations, market access is likely to improve and liquidity to increase. These trends should be positive for Qatari equities.

We are also encouraged by talk of active market making and the introduction of a market-stabilisation fund. Some investors believe that the equity portfolios sold by banks to the government in March 2009 are unlikely to ever be returned to their original owners, contrary to the much-publicised call option initially agreed on by the state, and that instead these equities may be aggregated into a single, government-run market making fund, to be labeled as a market-stabilisation fund. Such a move would provide a clear sign of the authorities' commitment to improve market conditions and increase liquidity in an environment where banks are unwilling to trade. Moreover, as banks are expected to become brokers on the exchange, such a mechanism would also allow for the development of leveraged products, further cementing the Qatar Exchange's position as a leading candidate for an eventual upgrade to MSCI Emerging Market status from MSCI Frontier Market.

MSCI retains frontier market status for Qatar

In June 2010, MSCI announced that it had decided to retain Qatar's status as a frontier market. The country was placed under review for a possible upgrade to emerging market status in MSCI's Annual Market Classification Review in June 2011. MSCI has reported positively on new regulations being considered by the Qatar Exchange. According to MSCI, as in the UAE generally, the need to set up and operate under a dual account structure with separate trading and custody accounts creates substantial operational burdens that MSCI views as incompatible with the standards required to attain emerging market status. In addition, international investors remain concerned about the stringent foreign ownership limits imposed on Qatari companies.

company update

At the end of Q2 2010, the Company's NAV stood at US$0.83 (1st July 2010) compared to US $0.89 as of 1st April 2010.

The Company is invested in 22 companies in the GCC, with 17 of them being in Qatar, four in the UAE, and one in Kuwait (31 March 2010: 18 in Qatar, four in UAE, one in Kuwait). The total market value of investments was US$197m at the end of Q2 2010 and the Company held cash of 1.73 per cent of NAV.

corporate profitability

After the noteable results achieved by Qatari companies in Q4 2009, evidence of their ability to overcome the global financial crisis, they managed to maintain performance levels in Q1 2010. The 42 listed companies on the Qatar Exchange reported growth in net profit for Q1 2010 of 15.7 per cent, reaching QR7.85bn compared to QR6.79bn in Q1 2009. This result emphasised the strength and stability of these companies, as well as the strength of the Qatari economy.

Embedded image removed - please refer to the Company's website www.epicure-qatarequity.comfor a table depicting the net profit by sector of the companies listed on the Qatar Exchange

Source: Qatar Insurance Company SAQ, Market Values as at 30 June 2010

Looking at the sectoral performance of the Qatari market, three out of the four market sub-sectors reported growth in Q1 2010 net profit compared to Q1 2009, with the industrial sector being the exception. It is worth mentioning that the extraordinary profits included in the Q1 2009 financials for some companies were the main reason behind Q1 2010 not looking better still - excluding the QR800m reported by Industries Qatar during the Q1 2009, the Qatari market would have registered growth of 31.1 per cent in net profit for Q1 2010.

We do not expect to see any major negative surprises in the Q2 2010 corporate results and expect that most companies will track their last year results and announce an improved outlook for the remainder of 2010.

industry allocation

The Company's industry allocation was largely unchanged compared to the previous quarter. The Company's largest sector exposure continues to be to the financial services industry. Exposure to the banking sector stood at 54.0 per cent at the end of Q2 2010 compared to 53.5 per cent at the end of Q1 2010.

The services sector, which is broadly defined and includes companies in telecommunications and utilities, accounted for 22.1 per cent of all investments. The Company's exposure to the real estate sector stood at 5.0 per cent at the end of the second quarter of 2010. The industries and insurance sectors accounted for a further 12.9 per cent and 4.3 per cent respectively.

Embedded image removed - please refer to the Company's website www.epicure-qatarequity.comfor a table depicting the top five holdings of the portfolio

Source: Qatar Insurance Company SAQ, Market Values as at 30 June 2010

At 30 June 2010, the top five investments of the Company constituted 59.4 per cent of NAV (60.3 per cent 31 March 2010).

As noted in the previous report, the Investment Adviser believes that Qatari banks are extremely well placed to benefit from a recovery in the local economy. The Qatari banking sector kicked-off 2010 on a highly positive note with all major macro and banking indicators showing robust performance during the first quarter and exceeding our initial expectations. Qatar is the fastest-growing economy in the MENA region and its banking industry is currently enjoying comfortable liquidity, strong public sector credit demand and a low-risk profile compared to regional peers. With these stars aligned, Qatar is positioned as the Investment Adviser's favorite pick in the GCC regional banking universe. This view is further reinforced by individual banks' Q1 2010 performance, confirming their resilience to the GCC regional economic slowdown both in terms of revenue generation capacity and profitability.

In Q1 2010, outpacing our expectations, domestic credit growth jumped 8 per cent qoq, predominantly fuelled by public sector financing which soared by 19 per cent. This positive trend was further accentuated in April and May as Qatar Central Bank (QCB) statistics revealed public lending growth of 4.5 per cent during the first two months of the second quarter. In our view, this will continue to be the major catalyst behind the growth in banks' balance sheets and overall performance over the remainder of 2010.

The Investment Adviser also believes that the current valuations of Qatari banks do not reflect their strong underlying fundamentals. Historically, the Qatari banks have traded at an average trailing P/B multiple of 3.0x, roughly a 40 per cent premium to the Central Eastern Europe Middle East & Africa (CEEMEA) average. By contrast, the Qatari banks are currently trading at a 2.0x trailing multiple, a 20 per cent premium to CEEMEA and roughly half the historical average. With the value-adding potential of the Qatari banks expected to increase significantly in the coming years, we believe sector multiples should rise from their current levels.

Regional allocation

As at 30 June 2010, the Company was invested in 17 companies in Qatar, four companies in UAE, and one company in Kuwait. Investments outside Qatar constituted 0.3 per cent of the Company's investments.

S&P upgrades Qatar and Qatar Petroleum to 'AA'

Standard & Poor's has upgraded Qatar's sovereign credit rating and state controlled Qatar Petroleum to 'AA' from 'AA-', citing the gas rich Gulf Arab state's strong growth prospects. The outlook on both ratings is stable. The ratings on the State of Qatar are supported by the government's solid fiscal and external balance sheets, a prosperous economy with strong growth prospects, and prudent long-term policies.

Qatar issues QR denominated bonds

Having completed a QR25.5bn (US$7bn) US$ denominated bond sale in November 2009, the largest sovereign debt issuance in the Middle East so far, the government of Qatar has issued QR denominated bonds worth a further QR10bn (US$2.75bn) to the local banks, split evenly between conventional and Sharia-compliant formats. These are aimed at deepening the capital markets in the state of Qatar and creating a benchmark yield curve to pave the way for further issuance. A total of nine Qatari banks bought into the bond programme, with conventional lenders purchasing QR1bn of paper each and Islamic banks each subscribing to QR1.25bn.

The Investment Adviser feels that this bond issue is a strong positive for Qatari capital markets as it will enable corporates to tap the domestic bond market in the future. Government-related corporate entities will be able to raise capital domestically until such time as the economy is growing at a more even pace.

DSM20 index rebranded to QE Index

In May 2010 the DSM20 Index was rebranded the QE Index after a reshuffle. Constituents of the new QE Index are selected mainly on the criteria of free float market capitalisation and average daily traded value. The Investment Adviser feels that the rebranding of the DSM 20 index is the first step that the Qatar Exchange has taken to bring the Qatari capital market in line with international standards and best practices. The new index improves the tradability and investability of the index while making the selection criteria simpler and maintaining a fair representation of the market as a whole.

The Qatar Exchange, which in 2009 entered a strategic partnership with NYSE Euronext, is expected to introduce a wider range of indices later this year.

QNB-Syria's extraordinary general assembly approved an increase of QNB-Syria's capital to US$300m (SYP15bn). QNB-Syria has also obtained the necessary approvals from the Syrian Central Bank and regulatory bodies to increase QNB's stake to 55 per cent from the current 49 per cent stake.

Capital Intelligence affirms QIB's 'A' rating

The international rating agency Capital Intelligence (CI) assigned its latest ratings for Qatar Islamic Bank (QIB). CI has affirmed the following ratings for QIB: 'A' for long- term foreign currency; 'A2' for short-term foreign currency; and 'A' for financial strength (stand-alone financial health). All ratings have been designated with a 'Stable' outlook for the coming 12-month period.

Qatar Islamic Bank (QIB) has announced the signing of Istisna's QR300m agreement for the financing of a major residential project to be built in Al Khor. This project aims to provide high-quality residential accommodation comprised of 145 villas and 252 apartments.

Qatar Steel Company to upgrade production capacity by 30 per cent

Qatar Steel appointed Siemens VAI Supply & Installation services to supply core equipment for the existing melt shop upgrade project. This project will increase the production capacity of the existing melt shop by 30 per cent. The new plant will be commissioned by the second quarter of 2012.

QAFCO signs an agreement with Helm to export 18,000 MT of melamine to Europe

Qatar Fertilizer Company ("QAFCO") a subsidiary of Industries Qatar has signed an agreement with Helm, Germany to export 18,000 MT of melamine to Europe. The Melamine Company is owned by QAFCO (60 per cent) and Qatar Intermediate Industries Holding Company (40 per cent). Built at a total cost of US$320m and with a production capacity reaching 60,000 tons per annum, the plant will be the largest melamine plant in the Middle East as well as one of the largest in the world.

Ras Laffan Olefins Company ("RLOC") plant ingurated

H.H. the Heir Apparent, Sheikh Tamim Bin Hamad Al Thani, inaugurated the Ras Laffan Olefins Company ("RLOC") plant, one of the world's largest ethane cracking plants. The RLOC plant is designed to produce 1.3 million tonnes per annum ("mtpa") of ethylene. In the proposed second phase, capacity of the plant will be increased to 1.6 mtpa. RLOC is owned by QAPCO, a subsidiary of Industries Qatar.

QTEL secures new US$2bn dual tranche revolving credit facility

Qatar Telecommunications (Qtel) announced the closing of the US$2bn senior phase of a new dual tranche revolving credit facility. Due to the increased interest from banks, Qtel raised US$1.25bn due in 2013 and US$750m due in 2015, more than its original intension of raising up to US$1.5bn. The facility will be used for general corporate purposes including the refinancing of the existing US$2bn forward start facility signed in 2009 which matures in November 2011.

Qatar Electricity & Water Company increases stake in its subsidiary

Qatar Electricity & Water Company (QEWC) has reached a deal with AES Corporation to acquire AES's shares in Ras Laffan Power Company (RLPC) and Ras Laffan Operating Company (RLOC). By acquiring the shares of AES Corporation in RLPC and RLOC, QEWC will increase its share in RLPC from 25 per cent to 80 per cent and in RLOC from 30 per cent to 100 per cent .

Qatar Electricity & Water Company signs MOU with the Syrian-Qatari Holding Company

Qatar Electricity & Water Company has announced it will sign a MOU with the Syrian-Qatari Holding Company to build two power plants with a capacity of 450MW each in Syria.

National Leasing Holding awards QR1.45bn contract to Combined Group

The National Leasing Holding Company (Q.SC.) announced the award for the Infrastructure Works at Lusail Northern Residential and West-Waterfront Areas (Al-Ijarah Plots) to the Combined Group Co.(For Trading & Contracting) LLC with a value of QR1.45bn.

Barwa Real-Estate awards QR676m contract for Barwa City project

Barwa Real Estate Company Q.S.C. ("Barwa") announced that Shapoorji Pallonji Qatar has been awarded the contract for Phase I Amenities at Barwa City worth almost QR676m. Barwa City Phase I is a sprawling 1.4m sq.m area which contains all modern city amenities. The Phase 1 main works consists of approximately 6,000 high quality residential units.

Barwa announces the purchase of Park House development in London

Barwa Real Estate Company Q.S.C. ("Barwa") has announced that it has acquired the Park House development in London's Oxford Street from Land Securities for a consideration of approximately £250m. The development, comprising a total of 330,000 sq.ft, which has full planning permission, includes 163,000 sq.ft. for offices, 88,000 sq.ft. of retail space and 70,000 sq.ft. of residential accommodation. It is anticipated that the development will be completed by November 2012.

Minister Mentor Lee Kuan Yew of Singapore has confirmed the country's plans to diversify its gas import sources, currently dominated by Malaysia and Indonesia. Liquefied natural gas (LNG) will be imported from Qatar and stored at a facility currently under construction on Jurong Island.

Qatar's population has doubled since 2004

Qatar's population has more than doubled in the past six years to 1.69m as the Gulf state's economy continues to expand, preliminary results of a census showed. The number of people residing in the country jumped from some 744,000 in 2004 when the last census was taken. Qatar's economy has rocketed on the back of increased natural gas production, with its total population expected to nearly double by 2026 to 3m according to the Ministry of Municipality and Urban Planning.

Qatar issues QR10bn riyal bond

Qatar issued a QR10bn ($2.75 billion) bond to local banks with a tenor of eight years and a 6.5 per cent coupon. The riyals bond issue is widely seen as a step forward to developing a domestic bond market and providing a new vehicle to pool the excess liquidity in the Gulf state's banking sector.

Embedded image removed - please refer to the Company's website www.epicure-qatarequity.comfor a table depicting theNAVperformance of the Company (% net in USD).

Source: Galileo Fund Services Ltd

NAV Performance is unaudited

Performance figures are based on the NAV calculated on the last Thursday of each month and published via the regulatory news service of the London Stock Exchange.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Additional information regarding policies for calculation and reporting returns is available upon request.

Epicure Qatar Equity Opportunities plc

NAV Update

NAV at launch US$ 0.96

NAV as at 24 June 2010 US$ 0.86

Inception Date 31 July 2007

The NAV is estimated net of fees and expenses every week and announced through the regulatory news service of the London Stock Exchange.

The performance fee is 20% of the of the increase in Adjusted Net Asset Value per Ordinary Share above the Target Net Asset Value per Ordinary Share, subject to the achievement of two tests (i) the year end Adjusted Net Asset Value per Ordinary Share is greater than the High Watermark and (ii) the year end Adjusted Net Asset Value per Ordinary Share exceeds the Target Net Asset Value per Ordinary Share during the relevant Performance Period. The Target Net Asset Value per Ordinary Share for the first performance period is the US$1 placing price increased by the hurdle rate of 8% per annum. For further details, please refer to the Company's admission document.

The contents of this document have been prepared by Qatar Insurance Company S.A.Q as Investment Adviser to the Epicure Qatar Equity Opportunities Fund PLC ("the Company"). This document has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of the Investment Adviser or the Company to any person to buy or sell any security or investment product. Any reference to past performance is not necessarily a guide to the future. The information and analyses contained in this publication have been compiled, or arrived at from sources believed to be reliable, but the Investment Adviser does not make any representation as to their accuracy or completeness, and does not accept liability for any loss arising from their use. The investments discussed in this report may not be suitable for all investors. and are provided for information purposes only. The ordinary shares and warrants in the Company have not been, and will not be, registered under the United States Securities Act of 1933 as amended (the "Securities Act") or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia, Republic of South Africa or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act) or to any national, resident or citizen of Canada, Australia, Republic of South Africa or Japan. None of the Company, the Manager or any of their respective members, directors, officers or employees, nor any other person, accepts any liability whatsoever for any loss, however arising, from any use of such information or opinions.

Epicure Qatar Equity Opportunities plc

Registered Office

Third Floor

Britannia House

St George's Street

Douglas

Isle of Man, IM1 1JE

This information is provided by RNS

The company news service from the London Stock Exchange

END

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